Bitcoin Crashes 12.73%, Alts Down by Double Digits
Bitcoin is down over twelve percent in 24 hours – and most of the top crypto has followed it down except $NEO.
No major token was spared a double digit loss, except $NEO. Ether, Ripple, LiteCoin, Stellar – the list goes on – all these top tokens experienced double digit losses over twenty-four hours.
Bitfinex Sees Top Volume in BTC/USD
With a market leading 6.17% of the BTC/USD market today, Bitfinex saw the most bitcoin USD trades of the current crash:
Bitfinex One Hour Candles
Most of the damage was done in just three hours.
Hour and Volume
2018-01-16 07:00 5K
2018-01-16 08:00 14K
2018-01-16 09:00 9K
Bitfinex Fifteen Minute Candles
The closer fifteen minute candles show the precipitous drop:
Why Did Bitcoin Crash?
The market appears to be attributing today’s crash to ongoing market jitters in Asia. This is brought about by regulatory uncertainty. It is very common for regulatory news to negatively affect the price – but not for long.
Bitcoin crashes are not unusual. We saw bitcoin rise from about $900 to $14,000 December to December. Today’s crash is understandable, especially given the bitcoin yearly performance in 2017. Some of the price crash may be attributed to regulatory uncertainty in Asia, however it is also possible the price has risen too quickly over too short a time, contributing to traders’ lack of confidence.
Social Media Buzz
Cryptocurrency bloodbath today — this is no longer triggered by South Korea, but rather the exponential surge in the value of cryptocurrencies i and a correction to stabilize the market.
I don't think every price move can be justified. pic.twitter.com/wKMrvmKBzw
— Joseph Young (@iamjosephyoung) January 16, 2018
In bitcoin’s earlier years it was not uncommon to see double digit losses in the morning, and then see it bounce right back in the afternoon.
Today’s Dip Doesn’t Mean Much
In a long term buy and hold strategy today’s dip doesn’t mean much. $BTC will rise again and higher. According to some investment analysts bitcoin annual returns are superior to any other foreign currency.
24 Hours of Bitcoin
24 Hours of #Bitcoin
-13.2% price $12,192.10
16.81M #XBT 12:39 #FinTech